Introducing Monzo Flex – a better way to pay later 🚀

Monzo Chat News & Updates
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Hey folks,

It’s been a while…

I’m back with another new Flex feature - but first let’s get the legal bits out of the way for anyone that is reading this thread but doesn’t have Flex:

  • Not everyone will be eligible for Flex. We will run a soft credit search to assess if you’re eligible, and a hard search if you open Flex.
  • As a minimum, you’ll have to be over 18 and a UK resident. Representative example: 29% APR representative (variable). £1200 credit limit. 29% yearly interest (variable).
  • If you miss a payment this may negatively impact your credit score. Ts&Cs apply.

We’re always listening to customers to understand how we can improve Flex - whether that’s through listening to your feedback on here, reading through all the feedback we get via the in-app survey or having 1:1 calls.

One clear theme we’ve heard is that there are still a lot of times when you’re paying for something but cards aren’t accepted, and you can only pay by bank transfer. The most common examples are when paying a tradesperson like a plumber or electrician, or when paying for a share of a group expense like a holiday.

So today we’re starting to test Money Transfers with a small group of customers.

Money Transfers
Money Transfers860×686 25 KB

Here’s how it works:

  • If you’re eligible, you’ll be able to transfer money from Flex into your Monzo current account instantly.
  • Coming soon: You’ll be able to transfer money from Flex directly to the person you’re paying. We’re still working on that, and we’ll share an update when it’s ready :soon:
  • We’ll charge a 3% fee to transfer money, which we’ll add to your total repayment.
  • You’ll pay back as usual. You can pay in full or over 3 months at 0% or up to 24 months at your personalised interest rate.
  • Money transfers won’t be covered by Section 75 Protection, which doesn’t cover bank transfers.

Not everyone will be eligible for this feature. You won’t be eligible if you opened your Flex account in the last few months, or you’re behind on payments. We’ll let you know in the app if you’re eligible.

As always, we’d love to hear your feedback. If you want early access to the feature, please fill out this form by midday on Friday 2nd Feb. We’ll update your credit agreement to include money transfers, and if you’re eligible we’ll give you access to the feature too.

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